Latest news with #IncomeTaxAmendmentOrdinance
Business Recorder
24-05-2025
- Business
- Business Recorder
Tax ordinance will be reviewed, SAPM tells FPCCI
KARACHI: Haroon Akhtar Khan, Special Assistant to Prime Minister (SAPM) for Industries & Production, has assured a high-profile FPCCI delegation that the government will review the Tax Laws (Amendment) Ordinance, 2025, in the light of apex body's recommendations to help resolve the profound grievances of the entire business, industry and trade community of Pakistan. This was informed by Atif Ikram Sheikh, President FPCCI, President ECO-CCI and VP CACCI, after the meeting with SAPM on Friday. Sheikh led a senior delegation of the business community to meet Haroon Akhtar on several issues including Tax Laws (Amendment) Ordinance 2025, highhandedness of the Federal Board of Revenue (FBR), tax & tariff barriers in doing business in the country and the issues of Dangerous Petroleum Liquids. 'The meeting with SAPM and assurance is a resounding success of the rigorous policy advocacy endeavours on this critical issue of national significance,' he said. FPCCI demands reviewing Income Tax Amendment Ordinance During the meeting, Haroon Akhtar reiterated his commitment to playing a proactive role in resolving the problems faced by the business community. Additionally, he informed that Prime Minister Muhammad Shehbaz Sharif has given clear instructions to formulate problem-solving committees and advised to take business community on board in the policymaking consultations. FPCCI President maintained that all chambers, trade bodies and associations have grave reservations and apprehensions on Income Tax (Amendment) Ordinance 2025, as they believe that it will give rise to avenues of harassment, corruption and maladministration. He explained that it is an established fact and practice globally that the more a tax collector is allowed to intervene or interact with the taxpayer, the more it is likely to undermine the principles of fairness, transparency and impartiality due to the increased role of human-to-human interaction, and human judgement becomes a nuisance. 'Therefore, we do not need to reinvent the wheel in this matter', he added. Saquib Fayyaz Magoon, SVP FPCCI, apprised that during the meeting with SAPM, he decided to extend the six-month exemption granted till May 25, 2025 by another 6 months vis-à-vis 'Dangerous Petroleum Liquids' on FPCCI's demand. 'We need to define DPL well and resolve the transportation, availability, storage and regulatory issues vis-à-vis important raw materials for the industry and manufacturing in the form of chemicals,' he added. Hamid Arshad Zahur, Chairman of Pakistan Tanners' Association and Haroon Ali Khan, Chairman of Pakistan Chemical Manufacturers Association (PCMA), were also part of the FPCCI delegation. Copyright Business Recorder, 2025
Business Recorder
21-05-2025
- Business
- Business Recorder
FPCCI demands reviewing Income Tax Amendment Ordinance
KARACHI: President FPCCI Atif Ikram Sheikh has demanded government to review Income Tax Amendment Ordinance. He said all chambers and associations across the country have rejected the Income Tax Ordinance. It is not right to freeze accounts and give unlimited powers to withdraw money to tax officers said FPCCI President. This move will increase corruption instead of increasing tax recoveries, he added. The business community has strong reservations about the amendment ordinance, the government should review it, he added. Atif Ikram Sheikh said, the government should provide facilities to the business community instead of taking measures that are hostile to the economy and business. FPCCI, being a representative organization, demands the withdrawal of the ordinance, he said. The government should ensure consultation with the relevant stakeholders before enacting legislation. President FPCCI said. FPCCI is ready to cooperate with the government to increase tax collection. Copyright Business Recorder, 2025
Business Recorder
07-05-2025
- Business
- Business Recorder
Mohmand Chamber opposes unlimited powers for taxmen
PESHAWAR: The President of the Mohmand Chamber of Commerce and Industry, Haji Amir Muhammad Khan Tuesday rejected the government's decision to grant unlimited powers to tax officials, calling it an act of hostility toward the business community and the national economy. In an official statement, he declared that such measures would only fuel corruption and severely impact the already struggling business sector, particularly in Khyber Pakhtunkhwa. 'Empowering tax officials without checks and balances will open the floodgates of corruption. These tactics aimed at crippling the economy will not be tolerated,' he said. He likened the authority to withdraw funds from business accounts without due legal process or prior notice to a "reign of bandits," stating that after the outlaws of rural areas, now 'white-collar bandits' are gearing up to loot traders with both hands. Amir Muhammad Khan emphasized that the business community firmly rejects the Income Tax Amendment Ordinance in its entirety. He warned that any deployment of tax officials in markets and business hubs would be viewed as a direct attempt to sabotage trade and enterprise. "The unity among traders will compel the government and the FBR to step back from such oppressive actions," he asserted, adding that the imposition of such draconian laws is a clear attempt to push traders to the wall. He called on the government to immediately withdraw the controversial ordinance and cautioned that if the anti-business and anti-national ordinance is not repealed, the business community will announce its future course of action. Copyright Business Recorder, 2025
